NMB BANK REITERATES COMMITMENT TO SUPPORT LOCAL MSMEs

NMB Bank has reiterated support for Micro, Small, and Medium Enterprises (MSMEs) across the country as part of its commitment to drive increased growth and development.

Speaking during an event to the launch of the Kariakoo Festival held in Dar es Salaam that brought together 100 exhibitors from both public and private sector, the NMB Bank’s Head of Business Banking, Alex Mgeni said his bank will continue to play a leading role in the economic transformation and growth of MSMEs.

Mgeni said the Kariakoo business hub remains a pivotal and strategic business hotspot for the bank adding that the festival provides a platform for the bank to engage directly with its clients and aligns with the bank’s quest to businesses to the next level.

“We did not have second thoughts when contacted to be sponsors for the Kariakoo Festival. At NMB Bank, we believe MSMEs are the primary drivers of economic development. We have implemented a comprehensive suite of initiatives including seamless digital payment propositions such as NMB Mkononi tailored to meet the varied needs of entrepreneurs,” he stressed.

Mgeni said apart from providing funding for MSMEs, the bank also enhanced their capacities by providing financial literacy and creating networking opportunities for them.

“We are confident that our continued support for MSMEs will lead to an improvement in their performance and contribution to the economy as a whole,” he noted.

The Dar es Salaam Regional Administrative Secretary (RAS) Dr. Toba Nguvila commended the bank for sponsoring the event adding that the idea for the event was masterminded by the Kariakoo business community which is committed to see businesses thrive.

“Kariakoo market is arguably East and Central Africa's most vibrant commercial hub. This is an international market and in a bid to move in line with this status, it has begun providing services 24hrs now. We are proud of the Kariakoo Festival and we believe it will showcase various goods available to the world,” He added.

He however expressed frustration for lack of participation of key government agencies including Busines Registration and Licensing Agency (BRELA), Tanzania Bureau of Standards (TBS), National Insurance Corporation (NIC) and the Fair Competition Commission (FCC) among others in the festival noting that there is need to ensure entrepreneurs get one-stop center for all business-related services.

“The Sixth Phase President Dr. Samia Suluhu Hassan has already played her part in terms of policy regulation and creating an atmosphere for a conducive business environment. The onus is now upon these agencies to ensure that people engaged in business get the anticipated business-related services to ensure that their businesses thrive,” he said.

He added, “I want to see all the government agencies engaged in the business chain to ensure that they participate fully in this event.

Economic diplomacy necessitates that local businesses extent footprint across borders,” he stressed.

He during the event urged residents in Dar es Salaam and nearby regions to take part in the Kariakoo Festival urging that it is both an innovative and historical event.

Earlier, the Kariakoo Business Community Chairperson Martin Mbwana during the event said various themes will be showcased during the weeklong event.

“We will showcase different themes each day so as to offer a unique festival experience. There will also be lots of entertainment to ensure that people who will turn up get a memorable experience,” he added.

Over 100 exhibitors both local and foreign are taking part in the ongoing Kariakoo Festival taking place at Mnazi Mmoja grounds in Dar es Salaam.